Bank Statements (Including Open Banking)

Open Banking enables us to access customer bank statements faster, easier and more securely. We work with CRIF, an international Credit Reference Agency to ensure an accurate Underwriting decision is made first time. Via SMS or eMail we'll request access to Open Banking account information for either:

• An affordability check
• Distance Sold EDD checks

Please contact your customer to ensure the email has been received and actioned. If the customer hasn't please contact us on the details to the right.

Open Banking (CRIF)

We are pleased to advise that from Friday 12 February we will contact customers with SMS invitations in addition to the email invitation we use currently. The customer journey via SMS is identical to that currently experienced with email. SMS functionality will provide additional convenience to our customers in how they share data to support their finance application. 

What does that mean for you?

Please ensure the correct personal email address and mobile number are proposed in FAMOS. 

Advise the customer up front that they may receive an SMS and/or email from the underwriters directly should an affordability check via bank statements be required and invite them to participate in the Open banking Journey with CRIF to share their information (customer may need to check junk email etc.)

If a customer chooses to consent and follow the CRIF Banking option then once completed the banking information will be sent directly to BMWFS via a secure portal. A further review of their finance application will be completed by the underwriters and FAMOS updated with the finance decision

The customer also has the choice to provide the bank statements in the traditional way (scan/email paper copies) direct to their chosen retailer

Key Benefits: Customer

Secure transfer of sensitive Customer data

No need to print bank statements

No additional visit to Retailer

Faster turnaround from Additional Info request to Decision

Improved Customer Experience

Key Benefits: Retailer

Removal of sending sensitive Customer data via email

Ability for customer to complete the affordability assessment whilst in the Retailer Centre or from home

Removes additional calls/work for Retailer

Improved turnaround time on Additional information request decision

Digital approach/Enhanced due diligence for Distance Sold applications

Improves customer journey